Hungary Inflation May 2016


Hungary: Consumer prices record annual drop in May

June 8, 2016

In May, consumer prices rose 0.3% over the previous month, which was down from April’s 0.8% rise. The moderate increase mainly reflected higher prices for clothing and footwear as well as food. Conversely, prices for electricity, gas and other fuels as well as consumer durables fell.

In annual terms, consumer prices fell 0.2% in May, which contrasted with April’s inflation reading of 0.2%. Thus, inflation fell further below the Central Bank’s target of 3.0%, with a tolerance margin of plus/minus 1.0%. Core consumer prices, which exclude volatile items such as fresh food and fuel, were unchanged over the previous month, while they rose 0.5% in April. Meanwhile, core inflation fell from April’s 1.5% to 1.3% in May.

FocusEconomics panelists see inflation averaging 0.5% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects inflation to rise to 2.0%.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation May 2016 1

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Hungarian Central Statistics Office.

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